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Income tax – Annual payment. The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) ruled on issues arising out of the taxpayer's appeal against the rejection by the Revenue and Customs Commissioners of his claim for a deduction from his total income in respect of certain payments relating to loan notes. Amongst other things, the tribunal accepted the argument put forward by the Revenue that, applying the Ramsay principle, the payments at issue did not fall within s 349 (1) of the Income and Corporation Taxes Act 1988 with the result that the taxpayer was not entitled to deduct those payments in computing his income for tax purposes.
Income tax – Annual payment. The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) ruled on issues arising out of the taxpayer's appeal against the rejection by the Revenue and Customs Commissioners of his claim for a deduction from his total income in respect of certain payments relating to loan notes. Amongst other things, the tribunal accepted the argument put forward by the Revenue that, applying the Ramsay principle, the payments at issue did not fall within s 349 (1) of the Income and Corporation Taxes Act 1988 with the result that the taxpayer was not entitled to deduct those payments in computing his income for tax purposes.
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Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
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